TA Associates has completed a majority investment in Towne Park.
Annapolis, Md.-based Towne Park provides outsourced parking management and hospitality services to the hotel and healthcare industries. Terms of the investment were not disclosed.
As part of the deal, Baltimore private equity firm Camden Partners sold its stake in Towne Park. HarbourVest Partners, an existing shareholder and Boston-based private equity firm, reinvested in the company.
TA, also a Boston PE firm, expects the company to grow organically and through acquisitions. The firm has also recently invested in Cmosis, an image sensor supplier, and Arxan Technologies Inc., a software security company.
Goodwin Procter LLP provided legal counsel to TA Associates. Harris Williams & Co. acted as Towne Park’s financial adviser, while Hogan Lovells LLP provided legal advice.